Chinese battery manufacturer Gotion High-Tech highlighted its latest global production strategy on Monday, which includes the building of a USD 1.3 billion lithium battery plant in Morocco, local media reported. The company said that preparations for the site are nearing completion.
The Moroccan facility is part of Gotion’s broader global strategy to meet the growing demand for energy storage solutions in various regions. The company considers Morocco as a strategic hub for accessing both African and European markets, citing the kingdom’s geographic location and commitment to renewable energy as key advantages.
In the third quarter of 2024, Gotion High-Tech reported revenues of 83.81 billion yuan, a 28.16% increase compared to the previous year. The company also recorded a net profit of 1.41 billion yuan, up 69.82%, reflecting its strong momentum in the global battery market.
Gotion High-Tech attributes this growth to advancements in technology, cost reductions, and supportive policies driving the energy storage sector.